It even sounds dauntingly technical: "automated underwriting." The phrase conjures visions of people who use the word "maths," engineers and actuarials, tinkering in some ivory tower. But among the first points made by each of those interviewed for our feature story is that automated underwriting, while clearly enabled by and dependent on the emergence of several technologies, is really about solving problems in workflow. The benefits being happier users and increased profitability.
Yes, new, different and better data must sourced and accessed, entailing data marts, external databases, policy admin systems and all that, but to actually solve any problem, the crucial component is communication about pain points: time wasted on inefficient, manual, redundant or antiquated tasks.
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